Sphere Entertainment (NYSE:SPHR) Stock Price Declines 0.8% - Should You Consider Selling?

Shares of Sphere Entertainment Co. (NYSE:SPHR) saw a decrease of 0.8% on Friday. The stock price dipped to a low of $33.62 before closing at $33.51. During the trading session, 290,543 shares were exchanged, marking a drop of 60% in volume compared to the average of 728,968 shares traded daily. The stock had previously closed at $33.78.

Market Analysis and Analyst Ratings

Various analysts on Wall Street offered insights into Sphere Entertainment's outlook. Macquarie adjusted its price target for the company from $45.00 to $40.00 and maintained a "neutral" rating as of March 11. Meanwhile, Benchmark reiterated a "sell" recommendation in a report dated March 3. Furthermore, JPMorgan Chase reduced its price target from $57.00 to $54.00 while keeping an "overweight" rating. Currently, one analyst has categorized the stock as a sell, while four have assigned a hold rating, and four others suggest a buy. According to MarketBeat, Sphere Entertainment holds an average rating of "Hold" and a target price estimate of $46.75.

Stock Performance Overview

The financial health of Sphere Entertainment is illustrated by its current ratio of 0.56, a quick ratio of 0.56, and a manageable debt-to-equity ratio of 0.23. The company's market capitalization is approximately $1.18 billion, with a PE ratio of -3.14 and a beta value of 1.39. The 50-day moving average for the stock stands at $40.90, while the 200-day average is recorded at $41.47.

Insider Transactions

In recent insider trading news, F. Dolan 2009 Revocable Trust sold 55,385 shares of Sphere Entertainment on March 10, garnering $1,872,013 at an average sale price of $33.80. The details of this transaction were filed with the Securities and Exchange Commission. Currently, insiders hold 25.08% of the company's total stock.

Institutional Investment Flows

Institutional investors have actively changed their positions in Sphere Entertainment recently. For instance, Victory Capital Management Inc. increased its holdings by 1.2% during the third quarter, bringing its total shares to 22,438, valued at around $991,000. Other notable changes include Intech Investment Management LLC acquiring a new stake worth about $320,000, and Charles Schwab Investment Management Inc. increasing its stake by 1.7% to 334,300 shares, valued at $14,218,000 after acquiring more shares. Algert Global LLC raised its holdings in the company by 36.2% during the same period. Currently, institutional investors own 92.03% of Sphere Entertainment's stock.

About Sphere Entertainment

Sphere Entertainment Co. operates within the entertainment industry, producing and hosting a variety of live events, including concerts, family shows, and sports events such as professional boxing, college basketball, and esports. The company operates renowned venues like The Garden, Hulu Theater, Radio City Music Hall, and The Chicago Theatre.

Investment Considerations

Before deciding to invest in Sphere Entertainment, it's important to weigh all available options. MarketBeat tracks high-performing research analysts who recommend stocks to their clients. Their current recommendations do not include Sphere Entertainment.

This could be an essential factor to consider if you are contemplating selling or holding onto the stock at this time.

Sphere, Entertainment, Stocks